Tony “Fair Dealing” Aufiero

Category: News • April 23, 2024

This is Tony Aufiero, our Chief Financial Officer. Tony joined our executive team in October 2022 with an extensive background in commercial construction and we think he’s pretty darn smart. Last week we caught up with Tony to ask him a few questions about his time with us thus far:

Q: After 30 plus years working on the financial end of this industry, is there anything that stands out to you about the way Solidus does business?

A: This company maintains exceptionally strong relationships with its subcontractors and suppliers, which is an arrangement that reaps many benefits. We treat all of our partners with respect, and this includes our trade contractors.

Q: Seems like this would be pretty standard practice, no?

A: Unfortunately, no, it isn’t. The duty of good faith and fair dealing is an implied covenant that requires parties to act honestly and fairly in a contract. This is a concept that is sometimes missing from the wider construction industry vis a vie its Contractor/Subcontractor relationships.

Q: To what do you attribute our success in this area?

A: Solidus is fortunate to have built a financial strength that allows us to pay our subcontractors on a progress basis.  We don’t use phrases like “pay if paid” or “pay when paid” in our agreements.  This is not the norm in commercial construction, and our subcontractors appreciate the fact that they can count on a positive cash flow on a project.

Q: Earlier you mentioned some added benefits. How do these positive relationships with our subcontractors serve our clients’ interest?

A: Knowing that they will be paid in a timely manner can often motivate our subcontractors to offer better than market pricing, savings that we can then pass along to our clients. They are also less likely to impose delays in their work and more willing to perform additional tasks on good faith. By establishing strong relationships with our subcontractors, we achieve a higher level of fluency in the execution of a project and create an environment in which our client’s needs can be addressed in the most proficient manner possible.

It’s really a win/win/win arrangement where the client, the subcontractors, and Solidus can benefit from dealing fairly and it starts by having the clean bill of financial health that we need to stand behind our promises.